BoJ Summary of Opinions: Must continue to support the economy with current powerful monetary easing

The Ban of Japan's Summary of Opinion was released in recent trade with a number of key statements via Reuters as follows:

Hard to achieve the 2% inflation target as the expected rise in inflation is driven by temporary factors.

Japan's trend inflation likely to accelerate moderately as retailers pass on higher costs.

Crucial for wage hikes, now seen by big firms, to spread to smaller firms for broader wages, and for inflation to rise sustainably.

There is risk prices may come under downward pressure if medium-, and long-term inflation expectations do not heighten sufficiently.

BoJ must continue to support the economy with its current powerful monetary easing.

The challenge for BoJ is not to curb inflation but to pull japan out of too-low inflation.

Inappropriate to change monetary policy when the Ukraine crisis adds to existing downside risks to japan's economy.

Must look at the impact of commodity, fx moves on economy and prices, rather than market moves alone, in guiding monetary policy.

Inappropriate to change monetary policy for the purpose of controlling fx rates.

If it's hard to hit the 2% target in the projected timeframe, BoJ must be mindful of the importance to make its easy policy sustainable.

MoFrepresentative said govt hopes BoJ guides monetary policy appropriately to achieve sustainable price stability, taking into account the impact of Ukraine, and the pandemic fallout.